This invention relates generally to computer network-based systems and more particularly to a network-based method and system for selecting items to replace insured items.
Items of value are typically insured with insurance companies to offset the cost of replacing the item if an event occurs such that the item needs replacing. For example, jewelry is often insured to enable an owner to offset the cost of replacing the jewelry in the event the jewelry is lost, damaged, or stolen. Typically, after such an event occurs, the owner contacts the insurance company and files a claim to have the jewelry replaced. To file the claim, the owner typically files proof of ownership of the jewelry, often using a receipt that shows a purchase date and an amount of purchase of the jewelry, or showing a specific insurance policy on an item accompanied by an appraisal.
The claim is evaluated by a claims adjuster to determine a value of the originally-insured jewelry in comparison to the value of the insured property and either the owner, the insurance company, or both attempt to find a suitable replacement. The claims adjuster also compares the proposed suitable replacement costs and repair costs, if applicable, to the value of the insured item. Often the process may be cumbersome or time-consuming, and may require many interactions between the insurance company and the owner. Eventually either the owner is issued a check to purchase the replacement item, or the insurance company issues a check directly to a merchant offering the replacement item for sale.